How To Choose The Best Life Insurance Policy
You are no longer there to take care of your family and your family could be struggling emotionally and financially
. However, by having a life insurance policy, you can enjoy peace of mind when you think how your familys needs will be met when you are no more around.Here are some fine points about which insurance policy to buy and how to choose them.
Which Policy to Buy
While you decide to have life insurance cover, you may wonder about which policy to buy. The following are the most widely acknowledged life insurance plans in India:
1.Term Insurance
It is the simplest type of life insurance with the lowest premium rates. If during the coverage period the insurer dies, the insured sum will be paid to the family.
2.Endowment Plans
These are excellent savings plans that provide a prespecified amount after a specific term or after the death of the insured. You will also get extra benefits such as bonuses and profits.
3.Pension Plans
Pension plans are insurance policies that will help you lead a good quality life after you retire. You can save money during your working days by paying periodic premiums or a lump sum amount.
4.Money-Back Plans
If you want both insurance coverage and savings, money-back plans are the ideal ones. You will be paid periodic payouts at specific intervals along with guaranteed returns and loyalty bonus (if any).
5.ULIPs
ULIPs too provide both the benefits of insurance coverage and savings, where a part of the premium amount is invested in bonds, equities etc. and the residual amount is used for insurance coverage.
What You Must Do
Though there are no written rules, there are certain guidelines and strategies that you must adapt to get the best life insurance. The following are some important guidelines:
You must compare the rates and coverages provided by various insurers before you settle for one. Always look for reliable insurance resources like insurance experts, advisors or brokers who will explain to you in detail various policies and options.
You can also go online and compare and study policies. Insurance policy aggregator sites let you purchase online car insurance easily as they provide you details of various companies at one go.
After you have found the company from where you would like to purchase the policy, ask all your queries about various insurance plans before you settle for one.
Insurance companies make changes and additions to policies from time to time. Make sure that you make these changes and keep your policy updated.
It is always beneficial to have a policy for the entire family rather than for individual members.
You must consider what and how much of your familys expenditure will be met out of the life insurance cover. For example, when your child will be reaching college a lump sum amount will be required for the college expenses.
You must decide if you want a policy for a particular duration only or for your entire life. These factors will definitely affect the insurance cover amount.
If you have the right and the best life insurance policy with the right coverage amount, your family will have more than enough cash to meet their needs when you are gone. Your family will be able to carry on with the same kind of lifestyle even when you are no more to take care of them.
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